22 U.S. Code § 3723 - Audits

Notwithstanding any other provision of law, and subject to subsection (c) of this section, financial transactions of the Commission shall be audited by the Comptroller General of the United States (hereinafter in this chapter referred to as the “Comptroller General”). In conducting any such audit, the appropriate representatives of the Comptroller General shall have access to all books, accounts, financial records, reports, files, and other papers, items, or property in use by the Commission and necessary to facilitate such audit, and such representatives shall be afforded full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians. Any such audit shall first be conducted with respect to the fiscal year in which this chapter becomes effective. An audit performed under this section is subject to the requirements of paragraphs (2), (3), and (5) of section
9105(a) of title
31.

(b) Omitted

(c) Independent auditors

At the discretion of the Board provided for in section
3612 of this title, the Commission may hire independent auditors to perform, in lieu of the Comptroller General, the audit and reporting functions prescribed in subsections (a) and (b) of this section.

(d) Examination and report on Commission’s financial forecast

In addition to auditing the financial statements of the Commission, the Comptroller General (or the independent auditor if one is employed pursuant to subsection (c) of this section) shall, in accordance with standards for an examination of a financial forecast established by the American Institute of Certified Public Accountants, examine and report on the Commission’s financial forecast that it will be in a position to meet its financial liabilities on December 31, 1999.

This chapter, referred to in subsec. (a), was in the original “this Act”, meaning Pub. L. 96–70, Sept. 27, 1979, 93 Stat. 452, known as the Panama Canal Act of 1979, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section
3601 of this title and Tables.

Codification

Subsec. (b) of this section, which required the Comptroller General, not later than six months after the end of each fiscal year, to submit to Congress a report of the audit conducted pursuant to subsec. (a) of this section, terminated, effective May 15, 2000, pursuant to section 3003 ofPub. L. 104–66, as amended, set out as a note under section
1113 of Title
31, Money and Finance. See, also, page 4 of House Document No. 103–7.

1996—Pub. L. 104–106, § 3526(a)(1), substituted “Audits” for “Audit by the Comptroller General of the United States” as section catchline.

Subsec. (a). Pub. L. 104–201, § 3541(b), which directed substitution of “chapter
91 of title
31” for “the Accounting and Auditing Act of 1950 (31 U.S.C. 65 et seq.)”, could not be executed because that phrase did not appear subsequent to amendment by Pub. L. 104–106, § 3526(a)(2)(B). See below.

Pub. L. 104–106, § 3526(a)(2), substituted “Notwithstanding any other provision of law, and subject to subsection (d) of this section, financial transactions” for “Financial transactions”, struck out “pursuant to the Accounting and Auditing Act of 1950 (31 U.S.C. 65 et seq.)” after “as the ‘Comptroller General’)”, substituted “conducting any such audit” for “conducting any audit pursuant to such Act” and “Any such audit shall first” for “An audit pursuant to such Act shall first”, and inserted at end “An audit performed under this section is subject to the requirements of paragraphs (2), (3), and (5) of section
9105(a) of title
31.”

Pub. L. 104–201, § 3546(a)(9), struck out subsec. (c) which read as follows: “In conducting the audits and preparing the reports provided for in this section and in carrying out his other responsibilities pursuant to law, the Comptroller General shall, with respect to fiscal year 1980, take into account the problems inherent in converting the existing accounting system of the Panama Canal Company to conform to the requirements established in section
3721 of this title. Accordingly, the Comptroller General shall take no adverse action with respect to the Commission, nor shall any violation of sections
1341,
1342, and
1349–1351 andsubchapter
II of chapter
15 of title
31 be considered to have taken place, so long as the Commission is in substantial compliance with the requirements of this chapter. The Comptroller General shall make such recommendations to the Commission and to the Congress as he may consider appropriate to insure that full compliance with the financial controls provided for in chapter
91 of title
31 is achieved promptly.”